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Save The Gambling Bankers


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Save The Gambling Bankers

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  #1 (permalink)
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https://michael-hudson.com/2011/07/save-the-gambling-bankers/

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I don't necessarily agree with all of it but thanks for posting it...interesting

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As predicted, EU bailout euphoria is rapidly waning | Reflections on a Revolution ROAR

"Listen to the politicians and one might think that Greece’s debts will fall as a result of last week’s provisional rescue by euro zone leaders and private-sector creditors. In fact, they go up. Athens’ borrowings will increase by 31 billion euros under the rescue scheme, according to an analysis by Reuters Breakingviews. This increase, equivalent to 14 percent of GDP, will push the country’s estimated peak debt/GDP ratio next year to 179 percent."

"Once Again, Banks Profit
But after a week, more and more people are beginning to realize that, for all the cosmopolitan European rhetoric about ‘transnational solidarity’ with the Greeks and the social justice masquerade of “securing private sector participation”, the real beneficiaries of the bailout are neither Greeks nor average Germans. The real beneficiaries are French and German banks.
In a front-page article, the New York Times wrote that “Europe’s latest plan to prop up Greece looks suspiciously like a plan to bolster European banks.” In this respect, it is worth citing a Der Spiegel report at length, to highlight the impact that this indirect bailout of European banks has on the aforementioned sustainability of Greece’s debts:
Deutsche Bank CEO Josef Ackermann’s claim that “this hits us where it hurts” is all part of the show. In fact, Ackermann and Luxembourg Prime Minister Jean-Claude Juncker worked out the program together.The financial institutions that participate voluntarily will be expected to write off 21 percent. In many cases, however, this number will be lower because of value adjustments that were already made. Calculations show that Deutsche Bank would face a write-down of about €100 million. “The private sector comes off pretty well,” says Thomas Mayer, chief economist at Deutsche Bank. “This deal is a golden opportunity for banks and insurance companies. They should take advantage of it.”
The effects on Greece, on the other hand, are modest. The country’s debt ratio — the ratio of debt to gross domestic product (GDP) — will decline by only 12 percentage points in the first few years.
This means that, under the agreed measures, the debt level will remain at around 150 percent for some time to come. Greece cannot shoulder this burden alone. Deutsche Bank’s calculations assume that, under the new conditions, Greece would have to generate budget surpluses over many years merely to arrive at the same, relatively high, debt ratio as Italy — 120 percent of GDP — by 2020."


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The Federal Reserve is Above the Law_ Greenspan


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Fed made $16 Trillion (that's with a T) in secrete loans to Banks.
Paid them $659.4 million to help the Fed manage all of these emergency loans....and....
"the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans."
The Fed Audit - Newsroom: U.S. Senator Bernie Sanders (Vermont)

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"One of the most outrageous "open secrets" of U.S. government policy these days is that the Federal Reserve is still paying big banks not to lend money. And it's doing that while screwing average Americans who have been responsible and lived within their means.
Huh?
Seriously:
The Federal Reserve is quietly continuing with one of the many outrageous bank-bailout programs it initiated during the financial crisis--the one in which it pays big banks interest on their "excess reserves."


OUTRAGE OF THE DAY: Do You Realize That The Government Is Still Paying Banks Not To Lend...?

Wall Street Aristocracy Got $1.2 Trillion in Secret Loans at Lowest Rates

Wall Street Aristocracy Got $1.2 Trillion in Secret Loans at Lowest Rates - Bloomberg

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August 23, 2011


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